By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 8 (MarketsFarm) – The ICE Futures canola market was weaker at midday Wednesday, retreating from earlier gains as activity in outside markets weighed on values.
The most-active November contract touched a session high of C$482 per tonne at one point, but ran into resistance and failed to see any follow-through buying at the highs as it dipped back below C$480 per tonne.
Losses in the Chicago Board of Trade soy complex and a firmer tone in the Canadian dollar combined to put some pressure on values.
However, persistent weather concerns in parts of Western Canada provided some underlying support, with heavy rains and thunderstorm activity continuing to cause damage in parts of the Prairies.
About 10,500 canola contracts traded as of 10:54 CDT.
Prices in Canadian dollars per metric tonne at 10:54 CDT:
Canola Nov 479.30 dn 1.00
Jan 485.80 dn 0.60
Mar 490.80 dn 0.60
May 494.50 dn 1.00